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Auditor Report of Dynemic Products Ltd.

Mar 31, 2018

Report on the Standalone Indian Accounting Standards (Ind As) Financial Statements

1 We have audited the accompanying standalone Ind AS financial statements of DYNEMIC PRODUCTS LIMITED ("The Company ") which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2 The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

3 Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.

4 We have taken into account the provisions of the Act and the Rules made thereunder including the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

5 We conducted our audit of standalone Ind AS Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other authoritative pronouncements issed by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatements.

6 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Board of Directors, as well as evaluating the overall presentation of the standalone Ind AS finacial statements.

7 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

8 In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018; and of the Statement of Profit and Loss, of the profit (including other comprehensive income ) for the year ended on that date; and of the Cash Flow Statement, of the cash flows and changes in equity for the year ended on that date.

Other Matter

9 The financial information of the Company for the year ended March 31, 2017 and the transition date opening balance sheet as at April 1, 2016 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements for the years ended March 31, 2017 and March 31, 2016 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were not audited by us, on which the previous auditor expressed an unmodified opinion dated May 26, 2017 and May 28, 2016 respectively. The adjustments to those standalone financial statements for the differences in accounting principles adopted by the Company on transition to the Ind AS have been audited by us.

Report on Other Legal and Regulatory Requirements

10 As required by the Companies (Auditor''s Report) order, 2016 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

11 As required by Section 143(3) of the Act, we report that::

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement, and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind As financial statements - Refer Note 34 to the standalone Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

(Referred to in Paragraph 1 under the heading of "Report on other legal and regulatory requirements" of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets ;

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management ;

(ii) As explained to us , inventories have been physically verified by the management, at reasonable intervals, except for minor items and the inventories lying with outside parties which have been confirmed by them. As explained to us, the material discrepancies, if any noticed have been properly dealt with in the books of accounts by the management.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

(iv) In our opinion and according to the information and explanation given to us, the company has complied with the provisions of Section 185 and 186 of the Companies Act 2013, in respect of the loans, investments, security and guarantees.

(v) In our opinion and according to the information and explanation given to us, the company has complied with the provisions of Section 73 to 76 or any relevant provisions of the Act and its Rules, and also the directives of Reserve Bank of India with regard to acceptance of deposits.

(vi) According to the information and explanation given to us, the maintenance of cost records has been specified by the Central Government under sub section (1) of section 148 of the Companies Act 2013, and we have broadly reviewed the accounts and records maintained by the company as prescribed by the Government for the maintenance of the cost records under section 148 (1) of the Companies Act , and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made detailed examination of the records with a view to determine whether they are accurate and complete. The company has obtained the Cost Audit Report from the Cost Accountants.

(vii) (a) According to the information and explanation given to us and on the basis of our examination of books of accounts , the Company is regular in depositing undisputed statutory dues including Provident Fund , Employees State Insuarance, Sales Tax , Income Tax, Custom Duty , Excise Duty, Wealth tax , Service tax and other statutory dues with the appropriate authorities ;

(b) According to the information and explanation given to us, the dues of Excise Duty and Income tax , which have not been deposited on account of any dispute and the forum where the dispute is pending are as under :-

Sr.

Name of the Statute

Nature of Dues

Amount Rs.

Period to which matter relates

Forum where dispute is pending

Central Excise Act, 1944

Service Tax & Excise Duty

2.15

2012-13

Appeal pending with Commissioner (Appeals) Surat-II

(viii) According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

(ix) Based on the information and explanation given to us by the management, term loans were applied for the purpose for which the loans were taken. No moneys have been raised by way of initial public offer during the year under review.

(x) According to the information and explanation given to us and to the best of our knowledge and belief , no fraud on or by the company has been noticed or reported by the company during the year.

(xi) According to the information and explanation given to us and to the best of our knowledge and belief , the managerial remuneration has been paid or provided in accordance with the requisite mandated by the provisions of Section 197 read with Schedule V to the Companies Act.

(xii) The company is not Nidhi Company and so the clause is not applicable.

(xiii) According to the information and explanation given to us and to the best of our knowledge and belief , all the transactions with the related parties are in compliance with Section 177 and 188 of Companies Act 2013, where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.

(xiv) According to the information and explanation given to us and to the best of our knowledge and belief , the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

(xv) According to the information and explanation given to us and to the best of our knowledge and belief , the company has not entered into any non-cash transactions with directors or persons connected with him.

(xvi) According to the information and explanation given to us and to the best of our knowledge and belief, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1943.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

1 We have audited the internal financial controls over financial reporting of Dynemic Products Limited ("the Companyâ) as of 31st March, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2 The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

AUDITORS'' RESPONSIBILITY

3 Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Noteâ) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4 Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error.

5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6 A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone Ind As financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the standalone Ind AS financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

7 Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

8 In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For, ASIM RAVINDRA & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN. 118775W

[ RAVINDRA MEHTA ]

Place : Ahmedabad PARTNER

Date : 26/05/2018 M. No. 043051

Mar 31, 2016

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of DYNEMIC PRODUCTS LIMITED ("The Company ") which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016; and of the Statement of Profit and Loss, of the profit for the year ended on that date; and of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) order, 2016 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that::

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 27.1 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

(Referred to in Paragraph 1 under the heading of "Report on other legal and regulatory requirements" of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets;

(ii) As explained to us, inventories have been physically verified by the management, at reasonable intervals, except for minor items and the inventories lying with outside parties which have been confirmed by them. As explained to us, the material discrepancies, if any noticed have been properly dealt with in the books of accounts by the management.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

(vi) According to the information and explanation given to us, the maintenance of cost records has been specified by the Central Government under sub section (1) of section 148 of the Companies Act 2013, and we have broadly reviewed the accounts and records maintained by the company as prescribed by the Government for the maintenance of the cost records under section 148 (1) of the Companies Act, and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made detailed examination of the records with a view to determine whether they are accurate and complete. The company has obtained the Cost Audit Report from the Cost Accountants.

(vii) (a) According to the information and explanation given to us and on the basis of our examination of books of accounts, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Sales Tax, Income Tax, Custom Duty, Excise Duty, Wealth tax, Service tax and other statutory dues with the appropriate authorities ;

(b) According to the information and explanation given to us, the dues of Excise Duty and Income tax, which have not been deposited on account of any dispute and the forum where the dispute is pending are as under :-

Sr.

Name of the Statute

Nature of Dues

Amount Rs.

Period to which matter relates

Forum where dispute is pending

Central Excise Act, 1944

Service Tax & Excise Duty

63992

2004-05 & 2005-06

Appeal pending with CESTAT, West Banch Ahmedabad

Income Tax Act 1961

Income Tax

124470

AY 2013-14

Appeal pending with CIT(A)-VI

(viii) According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

(x) According to the information and explanation given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

(xi) According to the information and explanation given to us and to the best of our knowledge and belief, the managerial remuneration has been paid or provided in accordance with the requisite mandated by the provisions of Section 197 read with Schedule V to the Companies Act.

(xii) The company is not Nidhi Company and so the clause is not applicable.

(xiii) According to the information and explanation given to us and to the best of our knowledge and belief, all the transactions with the related parties are in compliance with Section 177 and 188 of Companies Act 2013, where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.

(xiv) According to the information and explanation given to us and to the best of our knowledge and belief, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

(xv) According to the information and explanation given to us and to the best of our knowledge and belief, the company has not entered into any non-cash transactions with directors or persons connected with him.

For, SHAH RAJESH & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN. 109767W

Place : Ahmedabad [RAJESH D. SHAH ]

Date : 28/05/2016 PROPRIETOR

M. No. 036232

Mar 31, 2015

We have audited the accompanying standalone financial statements of DYNEMIC PRODUCTS LIMITED ("The Company ") which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the finacial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2015; and of the Statement of Profit and Loss, of the profit for the year ended on that date; and of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) order, 2015 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 27.1 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITOR'S REPORT

1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets;

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management;

2 (a) As explained to us, inventories have been physically verified by the management, at reasonable intervals, except for minor items and the inventories lying with outside parties which have been confirmed by them;

(b) The procedures as explained to us,which are followed by the management for physical verification of the inventories,are, in our opinion,reasonable and adequate in relation to the size of the company and the nature of business;

(c) The company has maintained proper records of inventories. No material discrepancies were noticed on physical verification.

3 The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

4 In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the company and the nature of the business, for the purchase of inventory and fixed assets and for sale of goods and services. During the course of our audit no major weakness has been noticed in the internal control system.

5 In our opinion and according to the information and explanation given to us, the company has complied with the provisions of Section 73 to 76 or any relevant provisions of the of the Act and its Rules, and also the directives of Reserve Bank of India with regard to acceptance of deposits from the public.Since the company has not defaulted in repayments of deposits, obtaining any order from Company Law Tribunal or National Company Law Tribunal or Reserve Bank of India or any other Court or any other Tribunal does not arise.

6 We have broadly reviewed the accounts and records maitained by the company pursuant to the Rules made by the Government for the maintenance of the cost records under section 148 (1) of the Companies Act, and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made detailed examination of the records with a view to determine whether they are accurate and complete. The company has obtained the Cost Audit Report from the Cost Accountants.

7 (a) According to the information and explanation given to us and on the basis of our examination of books of accounts, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insuarance, Sales Tax, Income Tax,Custom Duty, Excise Duty, Wealth tax, Service tax and other statutory dues with the appropriate authorities;

(b) According to the information and explanation given to us, the dues of Excise Duty and Income tax, which have not been deposited on account of any dispute and the forum where the dispute is pending are as under :-

Sr. Name of the Statute Nature of Dues Amount Rs. no

1 Central Excise Act, 1944 Service Tax & 123992 Excise Duty

2 Income Tax Act, 1961 Income Tax 2119920

Sr. Name of the Statute Period to which Forum where no matter relates dispute is pending

1 Central Excise Act, 1944 2004-05 & 2005-06 Appeal pending with CESTAT, West Branch, Ahmedabad

2 Income Tax Act, 1961 AY 2012-13 Appeal pending with CIT(A)-VI

(c) According to information and explanation given to us, the Company has transferred the required amount to investor education and protection fund within time in accordance with the relevant provisions of the Companies Act, 1956(1 of 1956) and rules made thereunder.

8 The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceeding financial year.

9 According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

10 According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

11 Based on the information and explanation given to us by the management, term loans were applied for the purpose for which the loans were taken.

12 According to the information and explanation given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

For, SHAH RAJESH & ASSOCIATES CHARTERED ACCOUNTANTS FRN.109767W

Place : Ahmedabad [RAJESH D. SHAH ] Date : 30.05.2015 PROPRIETOR M. No. 036232

Mar 31, 2014

We have audited the accompanying financial statements of DYNEMIC PRODUCTS LIMITED ("The Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Act"), read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting poli- cies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the finacial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary were necessary for the purpose of our audit;

b. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013

e. On the basis of the written representations received from the directors as on March 31, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of Section 274(1)(g) of the Act.

ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Paragraph 1 under the heading of "Report on other legal and regulatory requirements" of our report of even date)

1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation

of Fixed Assets;

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management;

(c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2 (a) As explained to us, inventories have been physically verified by the management,except for minor items and the inventories lying with outside parties which have been confirmed by them;

(b) The procedures as explained to us,which are followed by the management for physical verification of the inventories,are, in our opinion,reasonable and adequate in relation to the size of the company and the nature of business;

(c) The company has maintained proper records of inventories. No material discrepancies were noticed on physical verification.

3 (a) The Company has not granted any loans, secured or unsecured from companies,firms or othe parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently clauses 4 (iii) (e) to 4(iii) (g) of the Companies (Auditor''s Report) Order,2003 are not applicable to the Company.

(b) The Company has taken unsecured loan from the concern in which directors are interested as listed in register maintained under section 301 of the Companies Act, 1956 as under :

Sr. Name of the Unit Amount involved Closing Bal As No. (Max.balance) Rs. on 31-3-14 Rs

A Subsidiaries:- Dynamic Overseas (I) Pvt.Ltd. 6100000 0

(c) According to the information and explanation given to us, interest is paid on the advances/ loans taken, however other terms and conditions of the loans taken from the concerns in which directors are interested as listed in the register maintained under section 301 of the Companies Act, 1956 are primafacie not prejudicial to the interest of the company.

(d) According to information and explanation given to us and on the basis of the examination of the books of accounts, the loans have been fully repaid within the year to the concern in which Directors are interested as listed in the register maintained under Section 301 of the Companies Act, 1956, so other terms and conditions regarding the repayments are not applicable.

4 In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the company and the nature of the business, for the purchase of inventory and fixed assets and for sale of goods and services. During the course of our audit no major weakness has been noticed in the internal control system.

5 (a) On the basis of the audit procedure performed by us and according to the information,explanation and represen-

tation given to us, we are of the opinion that the particulars of conrtacts or arrangements referred to in Section 301 of the Act, have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time as per the information available with the company.

6 In our opinion and according to the information and explanation given to us, the company has complied with the provisions of Section 58A,58AA or any relevant provisions of the Companies Act and its Rules and also the directives of Reserve Bank of India with regard to acceptance of deposits from the public.Since the company has not defaulted in repayments of deposits, compliance of Section 58AA or obtaining any order from Company Law Tribunal or National Company Law Tribunal or Reserve Bank of India or any other Court or any other Tribunal does not arise.

7 The Company has an Internal Audit System,which in our opinion is commensurate with the size and the nature of the business.

8 We have broadly reviewed the accounts and records maitained by the company pursuant to the Rules made by the Government for the maintenance of the cost records under section 209 (1) (d) of the Companies Act, and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made detailed examination of the records with a view to determine whether they are accurate and complete.

9 (a) According to the information and explanation given to us and on the basis of our examination of books of accounts, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Sales Tax, Income Tax,Custom Duty,Excise Duty, Wealth tax,Service tax and other statutory dues with the appropriate authorities;

(b) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Vat Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable. According to the information and explanations given to us, all the disputed amounts payable in respect of the aforesaid dues were deposied with approprate authorities, when they become due, except the following, which are pending before appropriate authorities:-

Sr. Name of the Statute Nature of Dues Amount Rs. Period to which Forum where dispute no matter relates is pending

1 Central Excise Act, 1944 Service Tax & 3023695 Various years from Appeal pending with Excise Duty 2007-08 to 2013-14 commissioner appeal-Surat

2 Central Excise Act, 1944 Service Tax & 431418 Various years from Appeal pending with Excise Duty 2005-06 to 2012-13 commissioner appeal- Ankleshwar

3 Central Excise Act, 1944 Service Tax & 123992 2004-05 & 2005-06 Appeal pending with CESTAT Excise Duty Ahmedabad

10 The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceeding financial year.

11 According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

12 According to the information and explanation given to us, the company has not granted any loans or advances on the basis of security by way of pledge of Shares,Debentures and other Securities.

13 The company is not a chit fund or a nidhi /mutual benefit fund/society.

14 The company is not in business of dealing or trading in shares. Accordingly, clause 4(xiv) of the Order is not applicable to the company.

15 According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions .

16 Based on the information and explanation given to us by the management, term loans were applied for the purpose for which the loans were taken.

17 On the basis of our overall examination of the Financial Statements of the Company and after placing reliance on the reasonable assumptions made by the company for classification of long term and short term usages of funds, the funds raised on short-term basis have not been used for long-term investment.

18 According to the information and explanation given to us, the company has not made any preferential allotment of shares, during the year under Audit, to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19 The Company has not issued any Debenture and has not created any security or charge in respect of Debenture.

20 The company has not raised any monies by way of public issue during the year.

21 According to the information and explanation given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

For, SHAH RAJESH & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN. 109767W

Place : Ahmedabad [RAJESH D. SHAH ]

Date : 29/05/2014 PROPRIETOR

M. No. 036232

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of DYNEMIC PRODUCTS LIMITED ("The Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Act").

This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

(b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Act;

e. On the basis of the written representations received from the directors as on March 31, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of Section 274(1)(g) of the Act.

ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Paragraph 1 under the heading of "Report on other legal and regulatory requirements" of our report of even date)

1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets;

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management ;

(c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2 (a) As explained to us , inventories have been physically verified by the management ,except for minor items and the inventories lying with outside parties which have been confirmed by them ;

(b) The procedures as explained to us,which are followed by the management for physical verification of the inventories,are, in our opinion,reasonable and adequate in relation to the size of the company and the nature of business ;

(c) The company has maintained proper records of inventories. No material discrepancies were noticed on physical verification.

3 (a) The Company has not granted any loans, secured or unsecured from companies,firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently clauses 4 (iii) (e ) to 4(iii) (g) of the Companies (Auditor''s Report) Order ,2003 are not applicable to the Company.

(b) The Company has taken unsecured loan from the concern in which directors are interested as listed in register maintained under section 301 of the Companies Act ,1956 as under :

Sr. No. Name of the Unit Amount involved (Max.balance) Rs. Closing Bal As on 31-3-13 Rs.

A Subsidiaries:-

Dynamic Overseas ( I ) Pvt. Ltd. 1,65,00,000 0

(c) According to the information and explanation given to us , interest is paid on the advances/ loans taken, however other terms and conditions of the loans taken from the concerns in which directors are interested as listed in the register maintained under section 301 of the Companies Act ,1956 are primafacie not prejudicial to the interest of the company.

(d) According to information and explanation given to us and on the basis of the examination of the books of accounts, the loans have been fully repaid within the year to the concern in which Directors are interested as listed in the register maintained under Section 301 of the Companies Act, 1956, so other terms and conditions regarding the repayments are not applicable.

4 In our opinion and according to the information and explanation given to us , there are generally adequate internal control procedures commensurate with the size of the company and the nature of the business , for the purchase of inventory and fixed assets and for sale of goods and services.

During the course of our audit no major weakness has been noticed in the internal control system.

5 (a) On the basis of the audit procedure performed by us and according to the information,explanation and representation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act, have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time as per the information available with the company.

6 In our opinion and according to the information and explanation given to us, the company has complied with the provisions of Section 58A ,58AA or any relevant provisions of the Companies Act and its Rules and also the directives of Reserve Bank of India with regard to acceptance of deposits from the public.Since the company has not defaulted in repayments of deposits, compliance of Section 58AA or obtaining any order from Company Law Tribunal or National Company Law Tribunal or Reserve Bank of India or any other Court or any other Tribunal does not arise .

7 The Company has an Internal Audit System ,which in our opinion is commensurate with the size and the nature of the business.

8 We have broadly reviewed the accounts and records maintained by the company pursuant to the Rules made by the Government for the maintenance of the cost records under section 209 (1) (d) of the Companies Act , and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made detailed examination of the records with a view to determine whether they are accurate and complete.

9 (a) According to the information and explanation given to us and on the basis of our examination of books of accounts, the Company is regular in depositing undisputed statutory dues including Provident Fund , Employees'' State Insurance, Sales Tax, Income Tax,Custom Duty,Excise Duty, Wealth tax ,Service tax and other statutory dues with the appropriate authorities ;

(b) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Vat Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2013 for a period of more than six months from the date of becoming payable. According to the information and explanations given to us, all the disputed amounts payable in respect of the aforesaid dues were deposited with appropriate authorities, when they become due, except the following, which are pending before appropriate authorities:-

Sr. Name of the Statute Nature of Dues Amount Rs. Period to which Forum where no matter relates dispute is pending

1 Central Excise Act, 1944 Service Tax & 2469476 Various years from Appeal pending with Excise Duty 2007-08 to 2012-13 commissioner appeal-Surat

2 Central Excise Act, 1944 Service Tax & 391918 Various years from Appeal pending with Excise Duty 2005-06 to 2012-13 commissioner appeal- Ankleshwar

3 Central Excise Act, 1944 Service Tax & 123992 2004-05 & 2005-06 Appeal pending with CESTAT Excise Duty Ahmedabad

10 The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceeding financial year.

11 According to the information and explanation given to us , the company has not defaulted in repayment of dues to financial institutions and banks.

12 According to the information and explanation given to us, the company has not granted any loans or advances on the basis of security by way of pledge of Shares,Debentures and other Securities.

13 The company is not a chit fund or a nidhi /mutual benefit fund/society.

14 The company is not in business of dealing or trading in shares. Accordingly , clause 4(xiv) of the Order is not applicable to the company.

15 According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16 Based on the information and explanation given to us by the management, term loans were applied for the purpose for which the loans were taken.

17 On the basis of our overall examination of the Financial Statements of the Company and after placing reliance on the reasonable assumptions made by the company for classification of long term and short term usages of funds, the funds raised on short-term basis have not been used for long-term investment .

18 According to the information and explanation given to us , the company has not made any preferential allotment of shares , during the year under Audit , to parties or companies covered in the register maintained under Section 301 of the Companies Act , 1956.

19 The Company has not issued any Debenture and has not created any security or charge in respect of Debenture.

20 The company has not raised any monies by way of public issue during the year.

21 According to the information and explanation given to us and to the best of our knowledge and belief , no fraud on or by the company has been noticed or reported by the company during the year.

For, SHAH RAJESH & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN. 109767W

[RAJESH D. SHAH]

Place:Ahmedabad PROPRIETOR

Date :25/05/2013 M. No. 036232

Mar 31, 2012

We have audited the attached Balance Sheet of DYNEMIC PRODUCTS LIMITED as at 31st March 2012, the annexed Statement of Profit and Loss, and the Cash Flow Statement of the Company for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statement based on our audit.

We have conducted our audit in accordance with the accounting standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit also includes, examining on test basis, evidence supporting the amounts and disclosures in financial statement. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of financial statement .We believe that our audit provides reasonable basis for our opinion.

As required by the Companies ( Auditor's report ) Order, 2003 issued by the Central Government of India in terms of sub- section 227 of the Companies Act, 1956, we enclose as Annexure, a statement on the matters specified in the paragraph 4 and 5 of the said order. Further to our comments in the Annexure referred above, we report that :

1 We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our Audit.

2 In our opinion, proper books of accounts as required by law have been kept by the company, so far as appears from the examination of those books.

3 The said Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4 In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report, comply in all material respect with applicable Accounting Standards issued by the Institute of Chartered Accountants of India referred to in subsection (3C) of section 211of the Companies Act, 1956.

5 On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors prima facie disqualified as on 31st March, 2012 from being appointed as directors in terms of section 274(1)(g) of the Companies Act,1956.

6 In our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements read with the statements on Significant Accounting Policies and Notes on the Accounts, give the information required by the Companies Act, 1956 ( " the Act " ) in the manner so required and also give true and fair view, in conformity with the accounting principles generally accepted in India.:

(a) in the case of the Balance sheet of the state of affairs of the company as at 31st March, 2012,

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date ; and

(c) in case of the Cash Flow Statement, of the cash flows for the year ended on that date.

1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets;

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management;

(c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2 (a) As explained to us, inventories have been physically verified by the management, except for minor items and the inventories lying with outside parties which have been confirmed by them;

(b) The procedures as explained to us, which are followed by the management for physical verification of the inventories, are, in our opinion, reasonable and adequate in relation to the size of the company and the nature of business;

(c) The company has maintained proper records of inventories. No material discrepancies were noticed on physical verification.

3 (a) The Company has not granted any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently clauses 4 (iii) (e ) to 4(iii) (g) of the Companies ( Auditor's Report) Order ,2003 are not applicable to the Company.

(b) The Company has taken unsecured loan from the concern in which directors are interested as listed in register maintained under section 301 of the Companies Act ,1956 as under :

Sr. Name of the Unit Amount involved Closing Bal As No. (Max.balance) Rs. on 31-3-12 Rs

A Subsidiaries:-

Dynamic Overseas ( I ) Pvt.Ltd. 40,00,000 d 0

(c) According to the information and explanation given to us, interest is paid on the advances / loans taken, however other terms and conditions of the loans taken from the concerns in which directors are interested as listed in the register maintained under section 301 of the Companies Act, 1956 are primafacie not prejudicial to the interest of the company.

(d) According to information and explanation given to us and on the basis of the examination of the books of accounts, the loans have been fully repaid within the year to the concern in which Directors are interested as listed in the register maintained under Section 301 of the Companies Act, 1956, so other terms and conditions regarding the repayments are not applicable.

4 In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the company and the nature of the business, for the purchase of inventory and fixed assets and for sale of goods and services. During the course of our audit no major weakness has been noticed in the internal control system.

5 (a) On the basis of the audit procedure performed by us and according to the information, explanation and representation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act, have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time as per the information available with the company.

6 In our opinion and according to the information and explanation given to us, the company has complied with the provisions of Section 58A, 58AA or any relevant provisions of the Companies Act and its Rules and also the directives of Reserve Bank of India with regard to acceptance of deposits from the public. Since the company has not defaulted in repayments of deposits, compliance of Section 58AA or obtaining any order from Company Law Tribunal or National Company Law Tribunal or Reserve Bank of India or any other Court or any other Tribunal does not arise.

7 The Company has an Internal Audit System, which in our opinion is commensurate with the size and the nature of the business.

8 We have broadly reviewed the accounts and records maintained by the company pursuant to the Rules made by the Government for the maintenance of the cost records under section 209 (1) (d) of the Companies Act, and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made detailed examination of the records with a view to determine whether they are accurate and complete. The company has obtained the Cost Compliance Report from the Cost Accountants.

9 (a) According to the information and explanation given to us and on the basis of our examination of books of accounts, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Sales Tax, Income Tax, Custom Duty, Excise Duty, Wealth tax, Service tax and other statutory dues with the appropriate authorities ;

(b) According to the information and explanation given to us, there are no dues of Sales tax, Custom tax, Wealth tax, cess which have not been deposited on account of any dispute. However, as per explanation given to us, the dues to Income tax, which have been deposited but still the demands have been disputed and the forum where the dispute is pending are as under :-

Name of the Statute Amount Nature of Relating to Forum where dispute is pending (Rs. in lacs) the Dues Asstt.year

Income Tax Act, 1961 4.27 I.Tax 2009-10 CIT ( A)- VI Ahmedabad

10 The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11 According to the information and explanation given to us , the company has not defaulted in repayment of dues to financial institutions and banks.

12 According to the information and explanation given to us, the company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13 The company is not a chit fund or a nidhi /mutual benefit fund/society.

14 The company is not in business of dealing or trading in shares. Accordingly , clause 4(xiv) of the Order is not applicable to the company.

15 According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16 Based on the information and explanation given to us by the management, term loans were applied for the purpose for which the loans were taken.

17 On the basis of our overall examination of the Financial Statements of the Company and after placing reliance on the reasonable assumptions made by the company for classification of long term and short term usages of funds, the funds raised on short-term basis have not been used for long-term investment.

18 According to the information and explanation given to us, the company has not made any preferential allotment of shares, during the year under Audit, to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19 The Company has not issued any Debenture and has not created any security or charge in respect of Debenture.

20 The company has not raised any monies by way of public issue during the year.

21 According to the information and explanation given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

For, SHAH RAJESH & ASSOCIATES

CHARTERED ACCOUNTS

Place : Ahmadabad [RAJESH D. SHAH]

Date : 23/6/2012 PROPRIETOR

FRN. 109767W

Mar 31, 2011

We have audited the attached Balance Sheet of DYNEMIC PRODUCTS LIMITED as at 31st March,2011 and the annexed Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date . These financial statements are the responsibility of the Company's management . Our responsibility is to express an opinion on these financial statement based on our audit.

We have conducted our audit in accordance with the accounting standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit also includes, examining on test basis, evidence supporting the amounts and disclosures in financial statement. An audit also includes assessing the accounting principles used and significant estimates made by the management , as well as evaluating the overall presentation of financial statement .We believe that our audit provides reasonable basis for our opinion.

As required by the Companies ( Auditor's report ) Order, 2003 issued by the Central Government of India in terms of sub- section 227 of the Companies Act , 1956, we enclose as Annexure, a statement on the matters specified in the paragraph 4 and 5 of the said order.

Further to our comments in the Annexure referred above, we report that :

1 We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our Audit.

2 In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from the examination of those books.

3 The said Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4 In our opinion , the Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report ,comply in all material respect with applicable Accounting Standards issued by the Institute of Chartered Accountants of India referred to in subsection (3C) of section 211of the Companies Act ,1956.

5 On the basis of written representations received from the directors and taken on record by the Board of Directors , we report that none of the directors prima facie disqualified as on 31st March, 2011 from being appointed as directors in terms of section 274(1)(g) of the Companies Act,1956.

6 In our opinion and to the best of our information and according to the explanation given to us,the aforesaid financial statements read with the statements on Significant Accounting Policies and Notes on the Accounts, give the information required by the Companies Act, 1956 ( " the Act " ) in the manner so required and also give true and fair view,in confirmity with the accounting principles generally accepted in India.:

(a) in the case of the Balance sheet of the state of affairs of the Company as at 31st March,2011,

(b) in the case of the profit and loss account , of the profit for the year ended on that date ; and

(c) in case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets ;

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management ;

(c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2 (a) As explained to us , inventories have been physically verified by the management ,except for minor items and the inventories lying with outside parties which have been confirmed by them;

(b) The procedures as explained to us,which are followed by the management for physical verification of the inventories,are, in our opinion,reasonable and adequate in relation to the size of the Company and the nature of business ;

(c) The Company has maintained proper records of inventories. No material discrepancies were noticed on physical verification.

3 (a) The Company has not granted any loans, secured or unsecured from companies,firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently clauses 4 (iii) (e ) to 4(iii) (g) of the Companies (Auditor's Report ) Order, 2003 are not applicable to the Company.

(b) The Company has taken unsecured loan from the concern in which directors are interested as listed in register maintained under section 301 of the Companies Act, 1956 as under :

Sr. Name of the Unit Amount involved Rs. Closing No. (Max.balance) Bal As on 31-3-11 Rs.

A Subsidiaries:-

Dynamic Overseas 25 Lacs 0 ( I ) Pvt. Ltd.

(c) According to the information and explanation given to us , interest is paid on the advances/ loans taken, however other terms and conditions of the loans taken from the concerns in which directors are interested as listed in the register maintained under section 301 of the Companies Act ,1956 are primafacie not prejudicial to the interest of the Company.

(d) According to information and explanation given to us and on the basis of the examination of the books of accounts, the loans have been fully repaid within the year to the concern in which Directors are interested as listed in the register maintained under Section 301 of the Companies Act, 1956, so other terms and conditions regarding the repayments are not applicable.

4 In our opinion and according to the information and explanation given to us , there are generally adequate internal control procedures commensurate with the size of the Company and the nature of the business , for the purchase of inventory and fixed assets and for sale of goods and services.

During the course of our audit no major weakness has been noticed in the internal controls.

5 (a) On the basis of the audit procedure performed by us and according to the information,explanation and representation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act, have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6 In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of Section 58A ,58AA or any relevant provisions of the Companies Act and its Rules and also the directives of Reserve Bank of India with regard to acceptance of deposits from the public.Since the Company has not defaulted in repayments of deposits, compliance of Section 58AA or obtaining any order from Company Law Tribunal or National Company Law Tribunal or Reserve Bank of India or any other Court or any other Tribunal does not arise .

7 The Company has an Internal Audit System ,which in our opinion is commensurate with the size and the nature of the business.

8 We have broadly reviewed the accounts and records maintained by the Company pursuant to the Rules made by the Government for the maintenance of the cost records under section 209 (1) (d) of the Companies Act , and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made detailed examination of the records with a view to determine whether they are accurate and complete.

9 (a) According to the information and explanation given to us and on the basis of our examination of books of accounts , the Company is regular in depositing undisputed statutory dues including Provident Fund , Employees' State Insurance, Sales Tax , Income Tax,Custom Duty,Excise Duty, Wealth tax ,Service tax and other statutory dues with the appropriate authorities ;

(b) According to the information and explanation given to us, there are no dues of Sales tax, Custom tax, Wealth tax , cess which have not been deposited on account of any dispute. However, as per explanation given to us , the dues to Income tax, which have been deposited but still the demands have been disputed and the forum where the dispute is pending are as under :-

Name of the Nature of Amount Relating Forum where Statute the Dues (Rs.in to Asstt. dispute is lacs year pending

Income Tax I.Tax 7.67 2007-08 ITAT Ahmedabad Act, 1961

The above demand has been paid during the year under review.

10 The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceeding financial year.

11 According to the information and explanation given to us , the Company has not defaulted in repayment of dues to financial institutions and banks.

12 According to the information and explanation given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares,Debentures and other Securities.

13 The Company is not a chit fund or a nidhi /mutual benefit fund/society.

14 The Company is not in business of dealing or trading in shares. Accordingly , clause 4(xiv) of the Order is not applicable to the Company.

15 According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions .

16 Based on the information and explanation given to us by the management, term loans were applied for the purpose for which the loans were taken.

17 On the basis of our overall examination of the Financial Statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usages of funds, the funds raised on short-term basis have not been used for long-term investment .

18 According to the information and explanation given to us , the Company has not made any preferential allotment of shares , during the year under Audit , to parties or companies covered in the register maintained under Section 301 of the Companies Act , 1956.

19 The Company has not issued any Debenture and has not created any security or charge in respect of Debenture.

20 The Company has not raised any monies by way of public issue during the year.

21 According to the information and explanation given to us and to the best of our knowledge and belief , no fraud on or by the company has been noticed or reported by the Company during the year.

For, SHAH RAJESH & ASSOCIATES CHARTERED ACCOUNTANTS

[RAJESH D. SHAH] PROPRIETOR FRN. 109767W

Place : Ahmedabad Date : 28th May, 2011

Mar 31, 2010

We have audited the attached Balance Sheet of DYNEMIC PRODUCTS LIMITED as at 31st March,2010 and the annexed Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date. These financial state- ments are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statement based on our audit.

We have conducted our audit in accordance with the accounting standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit also includes, examining on test basis, evidence supporting the amounts and dis- closures in financial statement. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of financial statement .We believe that our audit provides reasonable basis for our opinion.

As required by the Companies ( Auditors report) Order, 2003 issued by the Central Government of India in terms of sub- section 227 of the Companies Act, 1956, we enclose as Annexure, a statement on the matters specified in the paragraph 4 and 5 of the said order.

Further to our comments in the Annexure referred above, we report that:

1 We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our Audit.

2 In our opinion, proper books of accounts as required by law have been kept by the company, so far as appears from the examination of those books.

3 The said Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4 In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report ,comply in all material respect with applicable Accounting Standards issued by the Institute of Chartered Accountants of India re- ferred to in subsection (3C) of section 211of the Companies Act ,1956.

5 On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors prima facie disqualified as on 31st March, 2010 from being appointed as directors in terms of section 274(l)(g) of the Companies Act, 1956.

6 In our opinion and to the best of our information and according to the explanation given to us,the aforesaid financial statements read with the statements on Significant Accounting Policies and Notes on the Accounts, give the information required by the Companies Act, 1956 ("the Act") in the manner so required and also give true and fair viewjn confirmity with the accounting principles generally accepted in India.:

(a) in the case of the Balance sheet of the state of affairs of the company as at 31st March,2010,

(b) in the case of the profit and loss account, of the profit for the year ended on that date ; and

(c) in case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT 1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of

Fixed Assets;

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management;

(c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2 (a) As explained to us, inventories have been physically verified by the management ,except for minor items and the inventories lying with outside parties which have been confirmed by them ;

(b) The procedures as explained to us,which are followed by the management for physical verification of the inventories,are, in our opinion,reasonable and adequate in relation to the size of the company and the nature of business;

(c) The company has maintained proper records of inventories. No material discrepancies were noticed on physical veri- fication.

3 (a) The Company has not granted any loans, secured or unsecured from companies,firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently clauses 4 (iii) (e ) to 4(iii) (g) of the Companies ( Auditors Report) Order ,2003 are not applicable to the Company.

(b) The Company has taken unsecured loan from the concern in which directors are interested as listed in register main- tained under section 301 of the Companies Act ,1956 as under :

Sr. Name of the Unit Amount involved Closing Bal As on No. (Max.balance) 31-3-10 Rs.

A Subsidiaries:-

Dynamic Overseas (I) Pvt.Ltd. 90 Lacs 0

B Associates :-

Dynemic Holdings Pvt.Ltd. 4 Lacs 0

(c) According to the information and explanation given to us, interest is paid on the advances/ loans taken, however other terms and conditions of the loans taken from the concerns in which directors are interested as listed in the register maintained under section 301 of the Companies Act ,1956 are primafacie not prejudicial to the inter- est of the company.

(d) According to information and explanation given to us and on the basis of the examination of the books of accounts, the loans have been fully repaid within the year to the concern in which Directors are interested as listed in the register maintained under Section 301 of the Companies Act, 1956, so other terms and conditions regarding the repayments are not applicable.

4 In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the company and the nature of the business, for the purchase of inventory and fixed assets and for sale of goods and services. During the course of our audit no major weakness has been noticed in the internal controls.

5 (a) On the basis of the audit procedure performed by us and according to the information,explanation and representation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act, have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6 In our opinion and according to the information and explanation given to us, the company has complied with the provisions of Section 58A ,58AA or any relevant provisions of the Companies Act and its Rules and also the directives of Reserve Bank of India with regard to acceptance of deposits from the public. Since the company has not defaulted in repayments of deposits, compliance of Section 58AA or obtaining any order from Company Law Tribunal or National Company Law Tribunal or Reserve Bank of India or any other Court or any other Tribunal does not arise.

7 The Company has an Internal Audit System ,which in our opinion is commensurate with the size and the nature of the business.

8 We have broadly reviewed the accounts and records maintained by the company pursuant to the Rules made by the Government for the maintenance of the cost records under section 209 (1) (d) of the Companies Act, and we are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made de- tailed examination of the records with a view to determine whether they are accurate and complete.

9 (a) According to the information and explanation given to us and on the basis of our examination of books of ac- counts, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Sales Tax, Income Tax,Custom Duty,Excise Duty, Wealth tax ,Service tax and other statutory dues with the appropriate authorities;

(b) According to the information and explanation given to us, there are no dues of Sales tax, Custom tax, Wealth tax, cess which have not been deposited on account of any dispute. However, as per explanation given to us, the dues to Income tax, which have been deposited but still the demands have been disputed and the forum where the dispute is pending are as under :-

Name of the Statute Nature of Amount Relating to Forum where dispute is pending the Dues (Rs. in lacs) Asstt. year

Income Tax Act, 1961 I.Tax 0.56 2005-06 CIT (A) Ahmedabad

Income Tax Act, 1961 I.Tax 7.67 2007-08 CIT (A) Ahmedabad

Income Tax Act, 1961 Penalty u/s. 271(l)(c) 4.82 2003-04 Income Tax Appellate Tribunal, Ahmedabad

All the above demands have been paid during the year under review.

10 The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceeding financial year.

11 According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

12 According to the information and explanation given to us, the company has not granted any loans or advances on the basis of security by way of pledge of Shares,Debentures and other Securities.

13 The company is not a chit fund or a nidhi /mutual benefit fund/society.

14 The company is not in business of dealing or trading in shares. Accordingly, clause 4(xiv) of the Order is not applicable to the company.

15 According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16 Based on the information and explanation given to us by the management, term loans were applied for the purpose for which the loans were taken.

17 On the basis of our overall examination of the Financial Statements of the Company and after placing reliance on the reasonable assumptions made by the company for classification of long term and short term usages of funds, the funds raised on short-term basis have not been used for long-term investment.

18 According to the information and explanation given to us, the company has not made any preferential allotment of shares, during the year under Audit, to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19 The Company has not issued any Debenture and has not created any security or charge in respect of Debenture.

20 The Company has not raised any monies by way of public issue during the year. The monies raised by way of public issue in the F.Y. 2005-06, we have verified the end use of money raised by public issue as disclosed in the notes to the financial statements. As informed by the management, all the major project implementation has been completed during the year as referred to in the Note No 1 in the Schedule-17 -Notes On Accounts.

21 According to the information and explanation given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

For, SHAH RAJESH & ASSOCIATES CHARTERED ACCOUNTANTS

Place : Ahmedabad [ RAJESH D. SHAH ]

Date : 29.05.2010 PROPRIETOR

M. No.: 36232

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